00:00In 17 days, the price of oil went from $81 to $119 a barrel.
00:04That is the fastest energy price spike since the 1970s oil crisis.
00:09And American drivers are going to feel every cent of it.
00:12When the U.S. and Israel struck Iran on February 28,
00:17Tehran responded by effectively closing the Strait of Hormuz.
00:20He narrow waterway that carries 20% of the world's entire oil supply.
00:25Every supertanker, every barrel, heading from the Gulf to Asia, Europe, and America, ground to a halt.
00:32Within days, Brent crude surged past $100 a barrel.
00:35Within weeks, it hit $119.
00:39Analysts warned it could hit $200 if the Strait stays closed.
00:42The International Energy Agency called it the greatest global energy and food security challenge in history.
00:49At American gas stations, experts warned prices could jump up to 10 cents per day,
00:55Airlines started cutting flights.
00:56United Airlines said jet fuel prices had doubled,
01:00forcing it to reduce summer capacity by 5% and raise ticket prices.
01:04Then Trump announced Iran talks, and oil fell 6% in minutes.
01:09But the Strait is still not fully open.
01:11And the next headline could send prices right back up again.
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